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Using A Home Inspector’s Report To Apply For A Mortgage Refinance

Refinancing a mortgage is normally an easy way to get some extra funds to do things such as renovating the home or making another major investment due to the lower interest rates that are normally obtained. However, it has to be done in the right manner in order for it to be successful. For instance, most lenders require that borrowers go through a few checks in order to ascertain their eligibility for such a loan. For instance, one may have to get the home inspected in order to prove that it’s good enough as a collateral for the loan.

Doing this in some regions might not be necessary, but it is a good way of increasing your odds with the application. However, for it to work out in your favor, there are a number of things you need to look out for. Some of these include:

Use inspectors that are recognized by the lender

When you need an inspection report, you will need to work with a third party in getting it done. How this is done will determine whether it’s successful or not. There are many inspectors that you can approach for this, but only a handful of them are trusted by most major lenders. There are many people who have gone through the effort of finding and paying an inspector to come up with such a report, but then have it rejected.

To avoid this, you need to figure out what kind of inspector your lender would recognize, and then hire them for the service. Alternatively, you could opt to figure out what the big names in the industry are, and then work with them. Most of these have a solid reputation with the major lenders, so you can be sure that their reports will be accepted.

Get the most thorough evaluation

When a report looks thorough, it’s more likely to be accepted as proof of the state of the house when you are remortgaging. Therefore, if the service provider offers a range of inspection options, it would be a good idea to go for one that is as thorough as possible. In addition to that, you also have to discuss your expectations with the inspector. There are some that routinely offer basic inspection services only, and it may not be a good idea to work with them if you need more thorough work done. By discussing the details of the service fast, you can quickly identify those who can serve these needs adequately.

If possible, you may also need to find out what the lender considers when they are assessing the report. This way, it will be easier for you to ask the inspector to do specific things that will lead to the report being accepted by the lender. This is also a good way of avoiding wasting time.

These are just some of the things you need to keep in mind when in the process of finding an inspector for such services. The key issue here is to always use such an inspection report when applying for remortgaging, but only if it’s from a trustworthy source.

FAQ

Universal Inspect: FAQs

Expert inspections delivering clear insights, so you can make confident, informed decisions every time.

A property inspection is a thorough examination of a property's condition, typically conducted by a licensed inspector. It assesses the structural integrity, safety, and functionality of various systems within the property.

Property inspections help identify potential issues before buying or selling a property. They provide valuable information about the condition of the property, which can influence your decision-making process.

A standard home inspection typically includes an evaluation of the following:

  • Structural components (foundation, walls, roof)
  • Electrical systems
  • Plumbing systems
  • HVAC systems
  • Interior and exterior conditions
  • Appliances

A typical home inspection takes about 2 to 4 hours, depending on the size and condition of the property.

The cost of a home inspection varies based on the property's size and location. On average, it ranges from $ to $.

A commercial property inspection is a comprehensive evaluation of a commercial building's condition, including its systems, structures, and compliance with safety regulations.

We inspect a variety of commercial properties, including office buildings, retail spaces, warehouses, and industrial facilities.

There’s nothing wrong with this; on the contrary, it makes more housing available at a time when it’s in demand. And as noted, it’s often a good investment choice for the eventual buyer. But before you invest in a rehabilitated property, you should obtain a professional inspection, from an inspector with your interests in mind. Too often lately, homes are “flipped” for considerably more than they were recently paid for without any substantial improvements to justify the higher price.

Let alone having those improvements tested to confirm their operability. You’d be the one left holding the bag — shouldn’t you have someone on your side making sure that the property you’re buying is indeed in good condition? It’s easy to protect yourself. Hire a professional inspector to ensure the property and its improvements are up to your standards. If you’re buying more than one property at a time from the same buyer, it’s even more important to have them inspected by a professional working for you, instead of another party to the transaction.

There are cost effective ways to protect yourself when investing in many properties. With the expertise of a licensed home inspector, you should be able to buy with the confidence that everything is as represented by the seller. It’s smart to always have an inspection done before closing on a property. An inspector will tell you if everything that is present in the structure is functioning properly, what repairs may need to still be done, and whether there are any safety or soundness issues with the property. We will work as your advocate in the transaction, with your interests in mind. As an investor, you need and deserve to know. Protect your interests with the help of a professional inspector.

Commercial inspections are generally more complex and may include additional assessments, such as environmental hazards, zoning compliance, and tenant improvements.

Almost all of them require some sort of inspection. Technology has allowed savvy inspectors to reduce the amount of work their clients need to do to order, track and receive inspections. In the past, the primary mode of interaction between an inspector and his or her clients was the telephone and fax machine. Clients would send requests via fax, and then often follow it up with a phone call to make sure it was received. Scheduling the inspection meant more phone calls – a disruption for both the client and the inspector.

You can schedule an inspection by contacting us through our website or by calling our office directly. We will work with you to find a convenient time.

The most important issue with an inspection report is the descriptions given for each item or component. A report that indicates the condition as “Good”, “Fair” or “Poor” without a detailed explanation is vague and can be easily misinterpreted. An example of a vague condition would be: Kitchen Sink: Condition – Good, Fair, or Poor. None of these descriptions gives the homeowner an idea about what is wrong. Does the sink have a cosmetic problem? Does the home have a plumbing problem? A good report should supply you with descriptive information on the condition of the site and home. An example of a descriptive condition is: Kitchen sink: Condition – Minor wear, heavy wear, damaged, rust stains, or chips in enamel finish.

To prepare for an inspection, ensure that all areas of the property are accessible, including attics, basements, and crawl spaces. It’s also helpful to provide any relevant documents, such as previous inspection reports or maintenance records.

The upper part of a well is lined with casing to prevent well walls from collapsing and contaminants from entering the water supply. The casing is usually metal or plastic pipe, six inches in diameter that extends into the bedrock to prevent shallow ground water from entering the well. The casing must extend at least 18 feet into the ground, with at least five feet extending into the bedrock. The casing should also extend a foot or two above the ground’s surface. A sealant, such as cement grout or bentonite clay, should be poured along the outside of the casing to the top of the well. The well is capped to prevent surface water from entering the well.

Yes, after the inspection, you will receive a detailed report outlining our findings, including photographs and recommendations for any necessary repairs.

The upper part of a well is lined with casing to prevent well walls from collapsing and contaminants from entering the water supply. The casing is usually metal or plastic pipe, six inches in diameter that extends into the bedrock to prevent shallow ground water from entering the well. The casing must extend at least 18 feet into the ground, with at least five feet extending into the bedrock. The casing should also extend a foot or two above the ground’s surface. A sealant, such as cement grout or bentonite clay, should be poured along the outside of the casing to the top of the well. The well is capped to prevent surface water from entering the well.

If issues are identified, we recommend discussing them with your real estate agent or a qualified contractor to determine the best course of action.

Yes, we encourage clients to attend the inspection. This allows you to ask questions and gain a better understanding of the property’s condition.

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